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CAPM and capital budgeting: present versus future, equilibrium versus disequilibrium, decision versus valuation
Magni, Carlo Alberto - Volkswirtschaftliche Fakultät, … - 2007
This paper deals with the use of the CAPM for capital budgeting purposes. Four different measures are deductively drawn from this model: the disequilibrium Net Present Value, the equilibrium Net Present Value, the disequilibrium Net Future Value, the equilibrium Net Future Value. While all of...
Persistent link: https://www.econbiz.de/10005055505
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Mean-Variance, Mean-VaR, Mean-CVaR Models for Portfolio Selection with Background Risk
Guo, Xu - 2018
on an investor's portfolio choice in the mean-VaR, mean-CVaR and mean-variance framework, and analyzes the …
Persistent link: https://www.econbiz.de/10012931231
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Almost Stochastic Dominance for Risk Averters and Risk Seekers
Guo, Xu - 2015
In this paper we first extend the theory of almost stochastic dominance (ASD) (for risk averters) to include the ASD for risk-seeking investors. We then study the relationship between ASD for risk seekers and ASD for risk averters. Recently, Tsetlin, et al. (2015) develop the theory of...
Persistent link: https://www.econbiz.de/10013032513
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Accounting and economic measures: an integrated theory of capital budgeting
Magni, Carlo Alberto - MASTER CONSULTORES - 2009
average accounting rate generates a decision rule which is logically equivalent to the NPV rule for both accept …
Persistent link: https://www.econbiz.de/10010762964
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Average Internal Rate of Return and investment decisions: A new perspective
Magni, Carlo Alberto - Dipartimento di Economia "Marco Biagi", Università … - 2010
The internal rate of return (IRR) is often used by managers and practitioners for investment decisions. Unfortunately, it has serious flaws: (i) multiple real-valued IRRs may arise, (ii) complex-valued IRRs may arise, (iii) the IRR is, in general, incompatible with the net present value (NPV) in...
Persistent link: https://www.econbiz.de/10008594387
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Accounting and economic measures:An integrated theory of capital budgeting
Magni, Carlo Alberto - Dipartimento di Economia "Marco Biagi", Università … - 2009
average accounting rate generates a decision rule which is logically equivalent to the NPV rule for both accept …
Persistent link: https://www.econbiz.de/10008509400
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Correct or Incorrect Application of CAPM? Correct or Incorrect Decisions With CAPM?
Magni, Carlo Alberto - 2009
) CAPM capital budgeting decision-making based on disequilibrium NPV is deductively inferred by the Capital Asset Pricing … Model, (ii) the use of the disequilibrium NPV is widespread in finance both as a decision rule and as a valuation tool, (iii …'s (2005) project valuation method, on the basis of which Magni's criticism to NPV is objected, leaves decision makers open to …
Persistent link: https://www.econbiz.de/10012766858
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Aggregate Return on Investment for Investments under Uncertainty
Magni, Carlo Alberto - 2017
This paper deals with capital budgeting decisions under uncertainty. We present an Aggregate Return On Investment (AROI), obtained as the ratio of total (undiscounted) cash flow to total invested capital and show that it is a genuine rate of return which, compared with the risk-adjusted cost of...
Persistent link: https://www.econbiz.de/10012973932
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Accounting and Economic Measures : An Integrated Theory of Capital Budgeting
Magni, Carlo Alberto - 2015
average accounting rate generates a decision rule which is logically equivalent to the NPV rule for both accept …
Persistent link: https://www.econbiz.de/10013039268
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Correct or incorrect application of CAPM? Correct or incorrect decisions with CAPM?
Magni, Carlo Alberto - Volkswirtschaftliche Fakultät, … - 2007
) CAPM capital budgeting decision-making based on disequilibrium NPV is deductively inferred by the Capital Asset Pricing … Model, (ii) the use of the disequilibrium NPV is widespread in finance both as a decision rule and as a valuation tool, (iii …’s (2005) project valuation method, on the basis of which Magni’s criticism to NPV is objected, leaves decision makers open to …
Persistent link: https://www.econbiz.de/10005836868